4. Fiscal Operations in a Nation That Issues Its Own Currency (110)
4.1 Introductory principles (110)
4.2 Effects of sovereign government budget deficits on saving, reserves, and interest rates (114)
4.3 Government budget deficits and the "two-step" process of saving (120)
4.4 What if foreigners hold government bonds? (126)
4.5 Currency solvency and the special case of the US Dollar (133)
4.6 Sovereign currency and government policy in the open economy (138)
4.7 What about a country that adopts a foreign currency? (144)